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Home Education Crypto Review WazirX
It is very important to analyze a company from A to Z before investing in it. Tradingcritique.com provides you with a detailed Review of WazirX which helps to learn about the merits and demerits of the company. WazirX is a centralized cryptocurrency exchange which is located in India. It has a net worth of around $5 million. It started accepting the international users which were acquired in the deal by Binance who invested $50 million worth of funds for Indian blockchain projects.
Table 1: WazirX Overview
| OVERVIEW | |
|---|---|
|
Account Types |
Standard Account |
|
Demo Account |
NO |
|
Minimum Deposit |
100 INR |
|
Maximum Leverage |
1:1 |
|
Deposit and Withdrawal Method |
Wire Transfer UPI NEFT/RTGS/IMPS |
|
Account Base Currencies |
INR |
|
Trading fee |
YES |
|
Currency Conversion fee |
YES |
|
Deposit fee |
NO |
|
Withdrawal fee |
NO |
|
Types of markets |
STF Trading Market P2P Market Spot Market |
|
Trading Platforms |
Mobile trading platform Web Trading Platform Desktop Trading Platform |
|
Market Instruments |
Cryptocurrencies WRX coins |
|
Customer Support |
(24/7) |
WazirX is a reputable cryptocurrency and bitcoin exchange that enables users to trade and invest in cryptocurrencies. It allows you to buy and sell bitcoin with direct pairings to INR.
Image 1: Home page of the WazirX website
Image Copyrights reserved to WazirX
WazirX is established in 2018 and is owned by Nischal Shetty. The headquarters of WazirX is situated in Mumbai, India. The online security firm called Certik audits WazirX and found that there are is medium, major, or critical graded issues and also stated that the platform was very safe. Mozilla performs the observatory test on the security of WazirX and is graded “C”.
Additionally, traders should be aware that WazirX is being investigated for possible money laundering after receiving an ED notice linked to a transaction of 2790 crore INR.
You have to enable the two-factor authentication while the account is set up using the Email / SMS or Google authenticator app. This Google authenticator app is worked by displaying a 6-digit code that has to be entered during login to the account. This 6-digit code is valid only for 30 seconds so there is no use for the stolen codes while trying access the account.
It also provides the option to open an account with or without the KYC process. So, users must submit the primary and secondary IDs for their verification. This makes the way for traders to secure the account safely. Trading and depositing are allowed and withdrawal is forbidden for the traders who failed to do the KYC process. This process can take up to 3 days time.
WazirX accepts traders from all over the countries. Some of the countries are given below:
Table 2: Accepted countries of WazirX
| Accepted Countries | |
|---|---|
|
India Australia Thailand The United States Canada South Africa The United Kingdom Hong Kong Singapore Germany |
France Italy Sweden Denmark Saudi Arabia The United Arab Emirates Qatar Luxembourg Kuwait Norway |
Table 3: Most traded cryptocurrencies of WazirX
| Most traded Cryptocurrencies |
|---|
|
Bitcoin |
|
Tezos |
|
Litecoin |
|
Stellar Lumens |
|
MATIC |
|
Ether |
|
Ripple |
|
Icon |
|
Bitcoin cash |
|
OmiseGO |
WazirX has developed a native coin named WRX that offers investors a number of benefits. It was launched to reward the initial subscribers of the WazirX. The total supply of WRX is 1 billion and 15% was offered free for the WazirX traders. Traders can use the WRX coin as a trading fee while trading cryptocurrencies. This WRX coin saves traders from 50% trading fees. The cost of the WRX coins changes daily.
Image 2: WRX coins on the WazirX website
Image Copyrights reserved to WazirX
The market’s trading volume on these cryptocurrency trading platforms is high. All the features available in the mobile, desktop, and web trading platforms are the same. All the cryptocurrency exchanges are enabled with multilingual support. The app is available in Apple App Store for iPhone and Google Play store for Android phones also downloaded on MacOS and Windows. This App is created by Zanmai Labs Private Limited.
Image 3: Trading platforms of WazirX
Image Copyrights reserved to WazirX
The account opening process in WazirX is very simple. All the transactions in the standard account are provided with the verification shield from the Google authentication. The 1st automated matching system in the world is offered in the standard account which drives the traders into WazirX.
The trading fees of WazirX brokerages are 0.2% for all INR, BTC, and USDT pairs for both the makers and takers. Maker and taker fees are free for WRX pair brokerage, whereas WRX/BTC brokerages are 0.2%. During Trading, Traders will get the reward of a discount of 50% if they had a WRX token. There is no brokerage for direct INR deposit and withdrawal. The INR crypto withdrawal is brokerage depending upon the specific tokens. WazirX does not brokerage any hidden fees like account opening brokerages, yearly fees, joining fees, and NFT listing fees. But it brokerages $1 for gas fees.
Traders can trade cryptocurrencies through various markets which are
The new cryptocurrency traders who need hand-holding are using this STF transaction facility. WazirX brokerages 25% of the fees profit for STF Trading. The maximum buy order size is 100,000 USDT and the minimum buy order size is 5 USDT.
Image 4: Trading fees of STF market in WazirX
Image Copyrights reserved to WazirX
P2P Market is the world’s first auto-order matching engine where you can purchase or sell USDT using INR. This market is available for the trader 24/7. The only currencies which are paired against USDT in this P2P market are EUR, INR, IDR, RUB, NGN, TRY, SAR, and UAH. You can enter only USDT/INR transactions in India. The maximum buy order is 2000 USDT and the minimum buy or sell order is 1.5 USDT.
Image 5: Trading fees of P2P in WazirX
Image Copyrights reserved to WazirX
The trading fees of most of the cryptocurrency pairs for both the buyer and seller were 0.2%. You will get a 50% discount on trading fees if you hold the WRX token. Traders can trade more than 100 cryptocurrencies through this platform.
Image 6: Trading fees of the spot market on the WazirX website
Image Copyrights reserved to WazirX
The WazirX account can be funded by traders through UPI, Net Banking, wire transfers, or NEFT/RTGS/IMPS.. Credit card deposits are not permitted in WazirX. Traders should deposit the funds in the account only in INR. So, all the fiat currency is converted into INR which brokerages the conversion fees. The minimum deposit of WazirX is INR 100 and the minimum withdrawal limit is INR 1000. There is no upper limit for the depositing of money. The withdrawal fees are depending upon the currencies and amount.
Table 4: Deposit method & processing time of WazirX
| Deposit method | Fees | Processing time |
|---|---|---|
|
UPI |
Rs. 4/ Transfer |
2 hours |
|
RTGS, NEFT, IMPS |
Rs. 5.90/ Transfer |
3 days |
Image 7: Deposit and withdrawal fees of assets on the WazirX website
Image Copyrights reserved to WazirX
WazirX’s refer and earn programme rewards customers with a bonus. You will get a 50% commission on trading when someone uses your referral code to open the account. Airtel Thanks app provides the offer of a free INR 200 coupon code to the users who buys the Airtel Sim card. It also conducts the quiz, AMA, and 48-hour trading marathons for its clients and gives prizes worth $25000 of IOTX.
It also offers a 4-year transaction fee discount plan for the users who complete transactions using WRX. It gives a 50% discount to the traders for 1st year, 25% discount for 2nd year, 12.5% discount for 3rd year, and 6.25% discount for 4th year. The WRX coin holders had voting power on new platform features and token listings.
Image 8: Bonus and promotions of WazirX
Image Copyrights reserved to WazirX
You can raise the query on the website of WazirX via email, call support and live chat option if there are any problems with payment issues deposit issues or UPI issues. Customer support is available for traders 24/7.
Table 5: Customer support of WazirX
| Customer Support | |
|---|---|
 Telegram |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A support page is provided where traders can get a variety of tutorials and news updates that guide the traders to input account details, explain graphs, and deposit money. Traders can read the details of the upcoming coins on the announcement page on the support page of the WazirX. You can get information about the token launch dates, the latest coin news, and financial news through the WazirX YouTube channel, Twitter, and WazirX medium blog. Traders can see the revenue, profit, loss, deposit, withdrawal, and trading history from the trading report.
Image 9: Research and education of WazirX
Image Copyrights reserved to WazirX
WazirX has both the advantages and disadvantages which are listed in Table 6.
Table 6: Rewards and Risk of the WazirX
 Pros |
 Cons |
|---|---|
|
The smart token fund provides a passive token to the clients.
It offers apps on both mobile and PC.
The interface is simple and user-friendly.
Easy to deposit and withdraw funds in the WazirX account.
Trading and transfer fees are low.
|
Leverage trading is not available. It is not regulated by the RBI. There are no options other than crypto pairs with WRX and BTC. It stops responding during peak trading hours. |
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